On the first day of the fiscal year, a company issues a ($ 1,500,000,8 %), five-year bond

Question:

On the first day of the fiscal year, a company issues a $\$ 1,500,000,8 \%$, five-year bond that pays semiannual interest of $\$ 60,000\left(\$ 1,500,000 \times 8 \% \times \frac{1}{2}\right)$, receiving cash of $\$ 1,330,403$. Journalize the bond issuance.

objs. 2, 3

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